AASB 101 Presentation of Financial Statements Requires the Following Items

question 4

Multiple Choice

AASB 101 Presentation of Financial Statements requires the following items to appear on the face of the statement of changes in equity
I The net amount of cash from the issue of any securities during the period
II The cumulative effect of changes in accounting policy and the correction of errors
III Each item of income or expenses that are required to be recognised directly in equity
IV Profit or loss for the period

• A) I, II, III and IV.
• B) II, III and IV only.
• C) I, III and IV only.
• D) II and IV only.

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Definitions:

Prohibited By Law

Activities, actions or substances that are explicitly forbidden by legal statutes.

Disaffirm The Contract

The legal act of a party declaring a contract void and relinquishing all rights and obligations under that contract.

Intoxicated

The condition of being under the influence of alcohol or drugs to the extent that mental and motor skills are impaired.

Market Value

The amount of money a willing buyer would pay a willing seller for goods, services, or assets in a competitive marketplace.